On February 17, GM announced its decision to withdraw from many overseas markets such as Australia, New Zealand and Thailand.
In addition, GM also stated in the statement that it will gradually stop the sales and design of "Horton" brand cars in Australia and New Zealand before 202 1. Three years ago, GM withdrew its manufacturing links from Australia.
GM will also sell its factory in Luo Yong, Thailand to Great Wall Motor. By the end of 2020, GM's Chevrolet brand will officially withdraw from the local market.
Withdrawing from the market under the condition of insufficient return on investment is an important strategy of this American automobile manufacturer in recent years.
General Motors CEO Bora said in a statement: "I always say that we will do the right thing, even in difficult times, and now is the time. We have the right strategy to drive strong returns and give priority to global investment that will drive future liquidity growth. "
According to GM's statistics, the manufacturer has 828 employees in Australia and New Zealand, and the number of employees in Thailand has reached 1500.
The withdrawal of GM will lead to a large number of employees losing their jobs.
In recent years, almost all of GM's profits have come from China and the United States.
For many years, China market has been the largest single market for GM in the world.
In 20 19, GM sold nearly 2.9 million cars in the United States, while the sales of new cars in China reached 3.09 million.
In 20 19, GM's annual net income was137.2 billion USD and its net profit was 6.7 billion USD. After adjustment, earnings before interest and tax is $8.4 billion. Among them, China's market revenue accounts for 1 1 billion USD.
This article comes from car home, the author of the car manufacturer, and does not represent car home's position.